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Unlock the Editor\u2019s Digest for free<\/p>\n
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<\/iframe><\/div>\n<div id=\"article-body\">\n<p>The UK\u2019s financial regulator has fined Barclays \u00a342mn for failing to properly manage money laundering risks on two occasions. <\/p>\n<p>The Financial Conduct Authority on Wednesday said Barclays had been fined for \u201cfailings in its financial crime risk management\u201d, including opening a client money account for wealth manager WealthTek, which was shut down for \u201cserious regulatory and operational issues\u201d. <\/p>\n<p>\u201cOne simple check it could have done was to look at the Financial Services Register before opening the account. Had it done so, it would have seen that WealthTek was not permitted by the FCA to hold client money,\u201d the FCA said. <\/p>\n<p>Barclays has agreed to make a \u00a36.3mn payment to WealthTek\u2019s clients, who have not been able to reclaim all the money they lost, the regulator said. <\/p>\n<p>In the second case, the FCA said Barclays provided banking services to Stunt & Co, which went on to receive \u00a346.8mn from Fowler Oldfield, \u201ca multimillion-pound money laundering operation\u201d.<\/p>\n<p>\u201cBarclays failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms,\u201d the FCA said. <\/p>\n<p>The FCA said that Barclays \u201ccontinues to engage and invest in a significant remediation programme\u201d to improve its anti-money laundering control framework. <\/p>\n<p><em>This is a developing story<\/em><\/p>\n<\/div>\n<p>#Barclays #fined #42mn #failed #money #laundering #checks<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK\u2019s financial regulator has fined Barclays \u00a342mn for failing to properly manage money laundering risks on two occasions. The Financial Conduct Authority on Wednesday said Barclays had been fined for \u201cfailings in its financial […]<\/p>\n","protected":false},"author":1,"featured_media":284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[466,464,469,467,465,468,17],"class_list":{"0":"post-283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-42mn","9":"tag-barclays","10":"tag-checks","11":"tag-failed","12":"tag-fined","13":"tag-laundering","14":"tag-money"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=283"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/284"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/iframe><\/div>\n<div id=\"article-body\">\n<p>The UK\u2019s financial regulator has fined Barclays \u00a342mn for failing to properly manage money laundering risks on two occasions. <\/p>\n<p>The Financial Conduct Authority on Wednesday said Barclays had been fined for \u201cfailings in its financial crime risk management\u201d, including opening a client money account for wealth manager WealthTek, which was shut down for \u201cserious regulatory and operational issues\u201d. <\/p>\n<p>\u201cOne simple check it could have done was to look at the Financial Services Register before opening the account. Had it done so, it would have seen that WealthTek was not permitted by the FCA to hold client money,\u201d the FCA said. <\/p>\n<p>Barclays has agreed to make a \u00a36.3mn payment to WealthTek\u2019s clients, who have not been able to reclaim all the money they lost, the regulator said. <\/p>\n<p>In the second case, the FCA said Barclays provided banking services to Stunt & Co, which went on to receive \u00a346.8mn from Fowler Oldfield, \u201ca multimillion-pound money laundering operation\u201d.<\/p>\n<p>\u201cBarclays failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms,\u201d the FCA said. <\/p>\n<p>The FCA said that Barclays \u201ccontinues to engage and invest in a significant remediation programme\u201d to improve its anti-money laundering control framework. <\/p>\n<p><em>This is a developing story<\/em><\/p>\n<\/div>\n<p>#Barclays #fined #42mn #failed #money #laundering #checks<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK\u2019s financial regulator has fined Barclays \u00a342mn for failing to properly manage money laundering risks on two occasions. The Financial Conduct Authority on Wednesday said Barclays had been fined for \u201cfailings in its financial […]<\/p>\n","protected":false},"author":1,"featured_media":284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[466,464,469,467,465,468,17],"class_list":{"0":"post-283","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-42mn","9":"tag-barclays","10":"tag-checks","11":"tag-failed","12":"tag-fined","13":"tag-laundering","14":"tag-money"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=283"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/284"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}